Turks & Caicos Islands Real Estate Winter/Spring 2023/24

Anticipated to breathe new life into the Howard
Hamilton International Airport for at least four decades,
this project’s significance cannot be overstated. The
TCIAA has put forth a comprehensive business proposal
highlighting its importance, potential, and expected outcomes.
With passenger numbers steadily on the rise, it’s
clear that the current infrastructure can no longer adequately
meet the growing capacity demands.
The project involves an initial investment of around
US$360 million spread over 30 years, encompassing
several significant developments. These include the construction
of a state-of-the-art passenger terminal covering
at least 270,000 square feet, capable of handling approximately
2.5 million passengers, and an expansion of airside
facilities, including the addition of a parallel taxiway to
enhance operational efficiency during the initial five years
of the project.
The Turks & Caicos Islands have firmly established
themselves as a premier Caribbean tourist destination,
attracting upscale tourists, primarily from the United
States. The Islands also host scheduled flights from
London, UK; Toronto, Canada; and neighbouring
Caribbean nations. The modernization of the airports
across the Islands is a government priority as it streamlines
international travel and elevates the country’s appeal
to visitors.
A crucial aspect of the PPP project is the commitment
to local involvement and inclusivity. The government and
TCIAA have set forth conditions that prioritize the interests
of the local population. These conditions include:
• Ensuring that ownership of the airport remains in
the hands of the people of the Turks & Caicos Islands.
• Leveraging international expertise while preserving
the Islands’ unique culture and aesthetics.
• Creating opportunities for local investment and
participation, boosting employment, and fostering skill
development within the local community.
• Ensuring the project enhances the Islands’ reputation
as a preferred luxury destination for high-value
tourism.
The government’s choice to pursue a PPP model for
airport redevelopment is grounded in the pursuit of value
for money and the broader social benefits it can bring.
The project seeks to strike a balance between economic,
efficient, effective, and equitable principles. It aims to
enhance infrastructure quality, increase capacity, and generate
business opportunities, all while safeguarding the
interests of the local population.
Backed by international support and a clear roadmap
for development, this PPP project presents an appealing
investment opportunity in a region celebrated for its
natural beauty and economic potential. As the project progresses,
it holds the promise of delivering lasting benefits
with endless opportunities to both investors and the local
community.
South Caicos Soars
On the brink of a remarkable resurgence, the now
completed and inaugurated Norman B. Saunders Sr.
International Airport is changing accessibility to South
Caicos. The hidden gem of the Turks & Caicos Islands
is undergoing a breathtaking transformation and the new
airport stands as a testament to its revival. This exciting
endeavour has been highly anticipated by the local community
and it has ushered in a new era of opportunities for
both residents and potential investors.
The completion of the Norman B. Saunders Sr.
International Airport is a game-changer for South Caicos.
It has not only enhanced the island’s prominence among
its sister islands but also cemented its status as a worldclass
destination. With improved accessibility, investing
and exploring this enchanted rustic island have become
easier than ever before.
Discussions are underway to reintroduce international
flight services to South Caicos in 2024. This development
translates into higher passenger numbers and a
modernized facility that benefits the entire South Caicos
community from residents and holidaymakers to vacation
homeowners and potential investors. Now is an opportune
time to be a part of this remarkable journey.
South Caicos is poised to become an even more enticing
destination for tourists, fueling the island’s economic
growth. Furthermore, the improved airport infrastructure
facilitates the seamless transportation of goods and
supplies, offering vital support to local businesses and fostering
economic resilience. For all potential homeowners,
these developments bring added convenience and the
promise of increased investment value. Real estate investments
are projected to thrive as the government is set to
encourage accommodation development and the increase
of room capacity.
In fact, investing in real estate has historically proven
to be a profitable venture, especially in the Caribbean,
and the Turks & Caicos Islands present an attractive
investment landscape. In recent years, the TCI has seen
significant growth in the real estate market, particularly
in the single-family home sector. Luxury properties have
become a hallmark of the market, with a 118% increase in
38 Turks & Caicos Islands Real Estate – The Official Magazine of the Turks & Caicos Real Estate Association